Circuit City Files for Bankruptcy
by Darren Murph, posted Nov 10th 2008 at 10:16AM
[Via Bloomberg, image courtesy of AFSmith; thanks Daniel]
Posts with tag circuit city
[Via Bloomberg, image courtesy of AFSmith; thanks Daniel]
Circuit City Considering Shutting 150 Stores to Avoid Bankruptcy
by Donald Melanson, posted Oct 21st 2008 at 10:29AM
It's made it through some tough times in the past (the other DIVX, anyone?), but it looks like Circuit City is now really up against the wall, and it's apparently considering some rather drastic measures to avoid becoming the largest retailer to enter bankruptcy protection in recent years. According to The Wall Street Journal, "people familiar with the company" say that Circuit City is contemplating closing at least 150 stores and making the associated high number of job cuts in order to get itself in a better position to shore up some much needed financing, which it has been unable to secure so far.
To put things in a bit of perspective, before it packed up and went home, Blockbuster offered to buy Circuit City in February of this year for $6 to $8 a share. The company's share value as of this writing? 40 cents.
[Via MarketWatch]
Blockbuster Offers to Buy Circuit City
Really, is this how all corporate affairs will be conducted in the future? What really boggles the mind, though, is Blockbuster's quest for even more brick-and-mortar locations, even as digital downloads begin to take off. Click here for the full contents of the letter.
From I4U
Circuit City Botches GPS Install, $12k in Damages, Won't Pay Up
For most GPS systems, installation is as simple as sticking a suction cup on the windshield or an adhesive disc on the dash, plugging in an adapter to the cigarette lighter, and hitting the power button. But, if you want something a little more flush and integrated, you have to go with a device installed in your dash. Unless you're the adventuresome type and know what you're doing, dashboard installation is usually a task best left to the professionals. We say "usually" because we've come across a case where paying someone else to do the install was plainly the wrong call, resulting in $12,119 in damages to a 2007 Honda Civic Si.
The woefully bad install job was done at a local Circuit City store, where "qualified" technicians were attempting to install an AVIC-Z2. The installer proceeded to cut the wiring harness from the stock stereo, twist and solder together a new one, drill holes in the heating system, scratch up the front windshield, and crack all the plastic panels surrounding the thing. Sounds to us like the guy who tried to install his home satellite system with a .22 pistol could have done a better job. The install is so bad that the local Honda dealership won't release the car, saying all the shorted wires are a fire hazard.
The most irritating part of the story is that Circuit City isn't ponying up for the damages. To date, the electronics retailer has only paid $3,190, about a quarter of the total damages, and is forcing the victim in question to deal directly with his insurance company rather than just cutting him a check. That is some seriously bad customer service, which we hope will be rectified soon in light of the atrocious publicity this installation-fiasco is generating for the chain.
From Engadget
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Circuit City Shopper Cuffed for Refusing to Show Receipt
If you shop with any frequency at giant chain stores such as Circuit City, Best Buy, Home Depot or even Bed, Bath & Beyond, you've probably grown accustomed to showing a security person your receipt and allowing him to inspect the contents of your bag as you leave the store.
For most of us, this inspection is routine and nothing more than a nuisance. But, have you ever stopped to wonder if this is even legal, or that this search of your bags is essentially an accusation of theft? Well, this past weekend, an Ohio man decided to refuse the search of his bag at an area Circuit City and soon found himself behind bars.
Though he tells the story in much more detail on his own blog, here's a synopsis of what happened to Michael Righi of Brooklyn, Ohio. This past Saturday afternoon, he dropped into Circuit City and bought a surge protector and a copy of Disney's 'Cars' video game for the Ninetendo Wii. When Righi was told by the door person that his bag needed to be inspected and compared to his receipt, Righi refused with a polite "No thank you" and kept walking outside, where his father was waiting behind the driver's seat of his car. The security person and manager ran out of the store and blocked the car's exit from the parking lot. When neither could tell Righi which U.S. law gave them the right to search his bag, Righi asked to be let go or he would call the police himself. They refused and Righi called the police. When the officer showed up, he inspected the bag and saw nothing had been stolen. He also asked Righi for his driver's license. Since Righi was not driving his father's car, he refused to give up his driver's license, but was happy to give his name and address at the officer's request. Not amused, the officer arrested Righi and booked him for 'Obstructing Official Business.'
From Slashdot
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Thieves Begin Tracking Gadget Shoppers
According to Consumerist, shoppers in Canada's Mississauga, ON, region are on alert after several consumers were robbed shortly after making big-ticket purchases at electronics stores. Police say criminals are staked out at these stores where they lay in wait for a person to buy an expensive item. The thieves will then tail the shopper to his or her next destination, wait until the shopper leaves the car, then break in and rob the items the victim had just bought.
These Canadian hooligans sure are creative -- though definitely a non-confrontational bunch. Here in the good ol' United States, a similar post-purchase rash of thefts occurred when the rare and expensive PlayStation 3 was launched last year. Only, that time there were a lot of blades, blood and hospital visits involved. That's America, baby.
From Consumerist
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Wait Until After the Holidays to Buy a New TV, Analysts Say
If you've been thinking about getting a fancy new HDTV, you might want to wait unitl after the holidays to make your purchase -- at least that's the advice several analysts have given to the New York Times. Over the past couple of years, flat-panel prices have plummeted (and subsequently) so have profits.
As a result, retailers are focusing less on the affordable brands (Vizio, Norcent, Olevia) and more on pricier name-brand models (Pioneer, Sony, Sharp). Best Buy, Circuit City and even Costco are not only pushing higher-end models with the latest features like 1080p and HDMI 1.3, but also high-profit additions like extended warranties and professional installation
The relentless push for higher profits will likely let up after the holidays. Many retailers also have large post holiday sales events. So if you're in the market for an HDTV, wait until Dec. 26th. In the meantime, you can always check sites such as dealnews.com to find the latest promotions that may in fact exist before or after the holidays.
From The New York Times
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